BEIJING: The world's largest bank is not JPMorgan Chase, CitiBank or even Bank of America. It's not even headquartered anywhere in the Western Hemisphere. Industrial and Comercial Bank of China, or ICBC, has earned top ranking as the most profitable bank in the world, and seeks to open more branches worldwide with a focus on the 'land down under' of Australia.

The nation, known for its kangaroos, koala bears and the rugged Outback, has witnessed nationwide prosperity in recent years with a territory that is rich in mining resources, relatively stable government and low crime rates. The country has transformed into a magnet for migrants from Asia.

The cities of Sydney, Melbourne and Perth can lay claim to strong and vibrant Chinese communities along with a flood of tourism dollars and visitors from China. Accordingly, it should come as no surprise that ICBC would open more branches in Australia and expand its localized investment banking services.

ICBC "has opened a new branch in Victoria, seeking to expand its footprint in Australia", as reported by the Sydney Morning Herald. "The Melbourne Office is ICBC's third branch in the country after Sydney and Perth. It will focus on developing new business outside of the resource sector, attracting new Australian and Chinese corporate and private clients."

The Melbourne branch would be more than just a location for customers to deposit their cash into bank accounts or to take out mortgage loans. ICBC intends to tap into the regional investment banking business as well.